Assembly backs change to condo deposit rules to spur condo construction
Lawmakers passed AB 14 06 to raise the liquidated-damages cap on condo deposits from 3% to 6% to improve financing for condominium development, while several members asked the author to include stronger consumer protections as the bill goes to the Senate.
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SACRAMENTO — The Assembly adopted AB 14 06 on Jan. 20, a bill that raises the cap on liquidated damages a developer may claim on condominium deposits from 3% to 6% with the stated goal of unlocking financing and increasing for-sale condominium development.
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